# Allos (ALOS3.SA)

Canonical: https://gigainvestors.com/s/ALOS3.SA

Analysis as of: 2026-10-16T07:38:46.887Z. Financial observations: FY2009–FY2026.

Listing currency: BRL. Reporting currency: BRL.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: BRL 34.64 per share; close as of 2026-10-15.

Estimated value: low BRL 20.79 per share, central BRL 21.78 per share, high BRL 22.92 per share. Buy at or below the central value BRL 21.78 per share. Valuation as of 2026-10-16T07:38:46.887Z; scenarios are not confidence intervals.

Expected annual return: 10.4% at the stated quote. About 10.4% a year at today's price (required return 17.0%). required return 17.0% a year (BR 10-year bond 13.0% + 4 points).

## Checklist

### understandable: fail

- 0 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.68×

Chart: Operating margin; fiscal year observations.

- FY2017: 1.08×

- FY2018: 1.10×

- FY2019: 0.37×

- FY2020: 0.33×

- FY2021: 0.52×

- FY2022: 0.42×

- FY2023: 2.00×

- FY2024: 0.53×

- FY2025: 0.48×

- LTM to Jun 2026: 0.44×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 25.5pp below the typical margin (limit 4pp)

- ROIC, median of available years: 8.0%

- ROIC, second-lowest year: 2.8%

- Typical minus recent gross margin: 25.5 pp

- Typical gross margin (annual median): 72.6%

- Recent gross margin (lower of latest and 3-year median): 47.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.2%

- ROIC including acquisitions, ten-year median: 4.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 9.8%

- FY2017: 9.7%

- FY2018: 11.5%

- FY2019: 2.5%

- FY2020: 2.8%

- FY2021: 6.2%

- FY2022: 5.7%

- FY2023: 22.1%

- FY2024: 8.2%

- FY2025: 7.7%

### economics: pass

- Owner earnings / net income, 5-yr: 1.32×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: BRL 7.1B

- Net income, five-year total: BRL 5.4B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.0 pp

- Working capital / revenue, change between three-year averages: -1.6 pp

- Working capital / revenue, final three-year average: 12.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.42×

- FY2022: 1.45×

- FY2023: 1.16×

- FY2024: 1.64×

- FY2025: 1.66×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 9.8% vs 8.2%

- Per-share earnings: 1.27 to 1.64 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 20.8%

- Ordinary dilution, 5-year annual growth: 13.9%

- Market cap gain: BRL 13B

- Cumulative retained earnings: BRL 880M

- Diluted shares, 10-year annual growth: 20.8%

- Diluted shares, 5-year annual growth: 13.9%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 3.3%

- Per-share value change: BRL 0.37

- Per-share value, starting three-year median: BRL 1.27

- Per-share value, ending three-year median: BRL 1.64

- Buybacks concentrated in cheaper years (correlation): 0.83

- Average buyback yield: 2.7%

- Buyback history: 6 years

- Debt-funded buybacks: Yes

- Acquisition spending: BRL 841M

- Cumulative net income, 10 years: BRL 5.9B

- ROIC, first three-year median: 9.8%

- ROIC, last three-year median: 8.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: BRL 1.26

- FY2017: BRL 1.81

- FY2018: BRL 0.81

- FY2019: BRL 0.09

- FY2020: BRL 0.64

- FY2021: BRL 1.04

- FY2022: BRL 0.51

- FY2023: BRL 6.06

- FY2024: BRL 1.38

- FY2025: BRL 1.64

### accounting: pass

- Sloan accruals: -0.8%

- Receivables to sales index (DSRI): 1.36×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 5.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.23×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.06×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.3%

- FY2017: -0.6%

- FY2018: -5.5%

- FY2019: -4.4%

- FY2020: -1.2%

- FY2021: -2.9%

- FY2022: -6.3%

- FY2023: 7.0%

- FY2024: -3.6%

- FY2025: -0.8%

## Holders

## Price story

Price needs cash profits to grow 9.8% a year for ten years · sales +1.3%

Story as of 2026-10-16T10:00:10.225Z; price observation 2026-10-15.

Price needs cash profits to grow 9.8% a year for ten years

### Sales · FY2025–2026

sales +1.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: BRL 355M 

- FY2018: BRL 508M 

- FY2019: BRL 743M 

- FY2020: BRL 798M 

- FY2021: BRL 938M 

- FY2022: BRL 1.1B 

- FY2023: BRL 2.7B 

- FY2024: BRL 2.7B 

- FY2025: BRL 2.9B 

- FY2026: BRL 2.9B 

### Gross margin · FY2025

gross margin 47%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 75.4% 

- FY2017: 76.6% 

- FY2018: 75.8% 

- FY2019: 73.1% 

- FY2020: 66.2% 

- FY2021: 67.9% 

- FY2022: 72.1% 

- FY2023: 69.5% 

- FY2024: 73.8% 

- FY2025: 47.0% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in real estate services; annual sales are BRL 2.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:46.887Z); FY2025: revenue 2859106000; grossProfit 1345083000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ALOS3.SA: Allos S.A. provides planning, development, management, and sales services to third-party shopping centers in Brazil. It offers administration services, including financial, legal, commercial, and operational management for shopping centers and malls; and brokerage and commercial advisory services, as well as engages in the operation of parking lots in shopping centers, leasing of stores and spaces; and management of shopping malls and condominiums. The company was formerly known as Aliansce Shopping Centers S.A. and changed its name to Allos S.A. in October 2023. Allos S.A. is headquartered in Rio De Janeiro, Brazil.

### Why customers stay

Margins ranged from 47% to 73.8% during 2023–25; it earns 8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:46.887Z); FY2023: grossProfit / revenue = 69.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:46.887Z); FY2024: grossProfit / revenue = 73.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:46.887Z); FY2025: grossProfit / revenue = 47%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:46.887Z); 10-year return on capital observations [[2016,0.09758384329406222],[2017,0.09715471649229196],[2018,0.11490229463899816],[2019,0.02505032778222865],[2020,0.02823818009523892],[2021,0.062377722258771764],[2022,0.05736106692479476],[2023,0.2214902943045797],[2024,0.08244715339258935],[2025,0.07722132329248334]]; median 0.07983423834253633. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 9 of 10 years; bought back BRL 159.8 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:46.887Z); FY2016: growth capex 0; upkeep 1250000; owner earnings 97713000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:46.887Z); FY2017: growth capex 0; upkeep 2259000; owner earnings 138456000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:46.887Z); FY2018: growth capex 0; upkeep 13827000; owner earnings 172172000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:46.887Z); FY2019: growth capex 0; upkeep 13804000; owner earnings 127147000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:46.887Z); FY2020: growth capex 0; upkeep 29337000; owner earnings 325207000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:46.887Z); FY2021: growth capex 0; upkeep 68198000; owner earnings 389212600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:46.887Z); FY2022: growth capex 0; upkeep 95185000; owner earnings 226206240.096514. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:46.887Z); FY2023: growth capex 0; upkeep 108644000; owner earnings 3925438200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:46.887Z); FY2024: growth capex 0; upkeep 137095000; owner earnings 1144362400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:46.887Z); FY2025: growth capex 0; upkeep 26310000; owner earnings 1387796400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:46.887Z); Dividend observations: [[2016,34773000],[2017,34773000],[2018,23635000],[2019,85569000],[2020,0],[2021,60000000],[2022,101979000],[2023,292894000],[2024,761829000],[2025,708000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:46.887Z); FY2025: cash repurchases 159799000 BRL.

### Are managers owners

Insiders own 11.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ALOS3.SA SharesStats.PercentInsiders = 11.89 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 9.8% yearly over ten years; actual growth was 7.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:46.887Z); Ten-year compound average after fade. Initial solved rate 0.12734350800923033. Price 34.64; FX 1; discount 0.1695; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.2777792316549774 → FY2025 2.73629953862534. Closing-price date 2026-10-15.

## Monthly share-price history (BRL per share)

- 2016-10: BRL 19.19 per share

- 2016-11: BRL 18.40 per share

- 2016-12: BRL 17.23 per share

- 2017-01: BRL 18.49 per share

- 2017-02: BRL 21.47 per share

- 2017-03: BRL 22.21 per share

- 2017-04: BRL 21.69 per share

- 2017-05: BRL 20.15 per share

- 2017-06: BRL 19.24 per share

- 2017-07: BRL 19.94 per share

- 2017-08: BRL 24.60 per share

- 2017-09: BRL 28.60 per share

- 2017-10: BRL 27.93 per share

- 2017-11: BRL 24.00 per share

- 2017-12: BRL 25.35 per share

- 2018-01: BRL 24.39 per share

- 2018-02: BRL 23.40 per share

- 2018-03: BRL 24.12 per share

- 2018-04: BRL 22.40 per share

- 2018-05: BRL 21.07 per share

- 2018-06: BRL 18.50 per share

- 2018-07: BRL 20.60 per share

- 2018-08: BRL 21.19 per share

- 2018-09: BRL 19.63 per share

- 2018-10: BRL 22.95 per share

- 2018-11: BRL 24.50 per share

- 2018-12: BRL 25.77 per share

- 2019-01: BRL 29.75 per share

- 2019-02: BRL 30.89 per share

- 2019-03: BRL 28.70 per share

- 2019-04: BRL 29.30 per share

- 2019-05: BRL 29.49 per share

- 2019-06: BRL 29.80 per share

- 2019-07: BRL 35.49 per share

- 2019-08: BRL 37.59 per share

- 2019-09: BRL 39.49 per share

- 2019-10: BRL 42.55 per share

- 2019-11: BRL 44.48 per share

- 2019-12: BRL 50.14 per share

- 2020-01: BRL 52.59 per share

- 2020-02: BRL 45.67 per share

- 2020-03: BRL 26.60 per share

- 2020-04: BRL 27.91 per share

- 2020-05: BRL 25.48 per share

- 2020-06: BRL 28.55 per share

- 2020-07: BRL 27.74 per share

- 2020-08: BRL 26.42 per share

- 2020-09: BRL 23.72 per share

- 2020-10: BRL 23.01 per share

- 2020-11: BRL 26.25 per share

- 2020-12: BRL 29.17 per share

- 2021-01: BRL 27.61 per share

- 2021-02: BRL 23.43 per share

- 2021-03: BRL 27.52 per share

- 2021-04: BRL 25.67 per share

- 2021-05: BRL 30.00 per share

- 2021-06: BRL 29.04 per share

- 2021-07: BRL 28.26 per share

- 2021-08: BRL 25.10 per share

- 2021-09: BRL 22.72 per share

- 2021-10: BRL 19.18 per share

- 2021-11: BRL 20.56 per share

- 2021-12: BRL 21.66 per share

- 2022-01: BRL 22.67 per share

- 2022-02: BRL 22.23 per share

- 2022-03: BRL 23.14 per share

- 2022-04: BRL 21.10 per share

- 2022-05: BRL 19.31 per share

- 2022-06: BRL 16.01 per share

- 2022-07: BRL 16.87 per share

- 2022-08: BRL 17.58 per share

- 2022-09: BRL 19.90 per share

- 2022-10: BRL 21.73 per share

- 2022-11: BRL 17.91 per share

- 2022-12: BRL 17.01 per share

- 2023-01: BRL 18.01 per share

- 2023-02: BRL 17.08 per share

- 2023-03: BRL 17.60 per share

- 2023-04: BRL 18.64 per share

- 2023-05: BRL 21.67 per share

- 2023-06: BRL 24.65 per share

- 2023-07: BRL 24.31 per share

- 2023-08: BRL 22.77 per share

- 2023-09: BRL 22.59 per share

- 2023-10: BRL 22.90 per share

- 2023-11: BRL 25.58 per share

- 2023-12: BRL 26.55 per share

- 2024-01: BRL 24.55 per share

- 2024-02: BRL 24.69 per share

- 2024-03: BRL 23.92 per share

- 2024-04: BRL 20.88 per share

- 2024-05: BRL 20.97 per share

- 2024-06: BRL 21.12 per share

- 2024-07: BRL 21.84 per share

- 2024-08: BRL 22.81 per share

- 2024-09: BRL 21.85 per share

- 2024-10: BRL 22.12 per share

- 2024-11: BRL 19.69 per share

- 2024-12: BRL 18.11 per share

- 2025-01: BRL 19.00 per share

- 2025-02: BRL 18.09 per share

- 2025-03: BRL 19.13 per share

- 2025-04: BRL 21.26 per share

- 2025-05: BRL 22.22 per share

- 2025-06: BRL 22.72 per share

- 2025-07: BRL 21.31 per share

- 2025-08: BRL 23.96 per share

- 2025-09: BRL 25.83 per share

- 2025-10: BRL 24.95 per share

- 2025-11: BRL 28.35 per share

- 2025-12: BRL 28.37 per share

- 2026-01: BRL 30.90 per share

- 2026-02: BRL 32.69 per share

- 2026-03: BRL 30.34 per share

- 2026-04: BRL 30.65 per share

- 2026-05: BRL 28.21 per share

- 2026-06: BRL 28.06 per share

- 2026-07: BRL 27.09 per share

- 2026-08: BRL 26.69 per share

- 2026-09: BRL 29.49 per share

- 2026-10: BRL 34.80 per share

## Annual estimated value (BRL per share)

- FY2016: low BRL 16.49 per share, central BRL 17.39 per share, high BRL 18.43 per share

- FY2017: low BRL 16.64 per share, central BRL 17.38 per share, high BRL 18.24 per share

- FY2018: low BRL 11.29 per share, central BRL 11.79 per share, high BRL 12.36 per share

- FY2019: low BRL 10.41 per share, central BRL 10.87 per share, high BRL 11.31 per share

- FY2020: low BRL 11.28 per share, central BRL 11.70 per share, high BRL 12.18 per share

- FY2021: low BRL 12.91 per share, central BRL 13.47 per share, high BRL 14.13 per share

- FY2022: low BRL 13.32 per share, central BRL 13.83 per share, high BRL 14.42 per share

- FY2023: low BRL 15.57 per share, central BRL 16.39 per share, high BRL 17.32 per share

- FY2024: low BRL 20.00 per share, central BRL 20.92 per share, high BRL 21.98 per share

- FY2025: low BRL 18.80 per share, central BRL 19.76 per share, high BRL 20.88 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:44:28.323Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.